Industry insights

RG146 Industry insights

Employment/positions projection22% growth

Earnings (Average full time earnings)$1,701 per week

Full time vs part time85.3% full time

RG146 course options – which one is for me?

We have conveniently broken up the Diploma of Financial Planning to allow you to complete an individual RG146 compliant course in specific advice areas. This includes Investments which covers Managed Investments, Securities and Derivatives. Another advice area is superannuation, and you can choose to include RG146 SMSF within this. RG146 Life Insurance is covered in a separate module.

Job requirements

Because many job roles in financial services are not financial planning roles, they require RG146 compliance in only one or two specific areas. For example a job role at a superannuation company encompassing the provision of information to members about their superannuation accounts, might only require you to complete the RG146 Superannuation course. Or if you were seeking a job role at an insurance company, you might only need RG146 Life insurance accreditation.

If you worked for a fund manager, you might need to complete only the RG146 Investment Course. Many students choose to complete the full Diploma of Financial Planning because it encompasses all the key RG146 areas required to give both general and personal advice. It is also better value to enrol in the full Diploma qualification, compared to enrolling on a module by module basis. We even offer Xplan software training, Australia’s leading financial planning software used by over 70% of the financial advice industry.

Why is financial services so heavily regulated?

For those wishing to work in the Australian financial services industry, RG146 training and certification is required because it is such a heavily regulated space. Because the financial services industry turns over billions of dollars each year, the Australian Government has a vested interest in ensuring it is conducted in an orderly, professional and transparent manner at all times, and of course with consumer protection at its core.

This is why the Australian Government via ASIC released a regulatory guide (called RG 146) specifying what training and education people are required to do, in order to work in various roles within the financial services industry. And the financial services industry is massive. It covers banks, insurance companies, super funds, fund managers, stock brokers, financial planning firms, dealer groups, insurance brokers (….the list goes on). It employs a lot of Australians.

Staying on the right side of the law

ASIC’s intention is to ensure all providers of product advice are suitably qualified. It is important to appreciate that it is unlawful to provide advice to Australian retail clients in any area or on any financial product where you do not meet the education standards in accordance with ASIC RG146 guidelines, and be authorised by an Australian Financial Services Licensee (AFSL). That is often your employer, however self employed people can also obtain their own AFSL.

What if I have prior education?

Did you know, you could have a Masters Degree in Economics and still be required to complete RG146 training if you wanted to work in many jobs within the financial services industry? Ultimately it depends on the job role as to what RG146 training (if any) you must complete. There are knowledge and skill areas covered in the ASIC course units. An important element is to understand your regulatory obligations comprehensively when giving financial advice, particularly the Future of Financial Advice (FOFA) reforms. If you have studied elsewhere, we will look at your qualifications and experience and provide advice on your options regarding obtaining recognition of prior learning (RPL).

Choosing your online RG146 training provider

Monarch Institute works directly with a number of large financial services employers as an online RG146 training provider ensuring existing staff are adequately trained, accredited and compliant for their specific job role. And that’s the issue – if you work in insurance, you only need to be RG146 compliant in insurance, not necessarily covering investments. Or vice versa. And then there is the issue of whether you have any interaction with consumers in your job role, and whether that interaction is considered ‘general’ advice or ‘personal’ advice.

You might only need RG 146 course training to cover you providing general advice to consumers if you work for a superannuation company and are required to provide account balance information, or other general information about their super fund investment. On the other hand, if your job role required you to provide consumers with advice about which type of fund is best suited to their specific needs, or how much additional super contributions they should make, you would then be required to complete RG 146 training that covers both general AND personal advice .

Next steps

The good news is that Monarch’s Diploma of Financial Planning is an accredited RG 146 training provider for managed investments, superannuation and insurance. You can also continue on to complete the Advanced Diploma of Financial Planning with Monarch. Importantly Monarch’s RG146 training covers both general and personal advice meaning you are completely prepared for either your existing job role in financial services, or future job roles.

Get in touch with our friendly course consultants today, who can advise you about your RG146 compliance requirements.

Sources: lmip.gov.au, joboutlook.gov.au

Meet your trainers

You'll be guided and supported by experts and thought leaders

Lauren Davis Trainer "When everything seems to be going against you, remember that the airplane takes off against the wind, not with it." – Henry Ford

I’m a qualified financial planner with 15 years’ experience in the financial services industry. I have worked as a financial planner for a small business, as well as running my own business. In the past I’ve also worked for one of the big four banks. I know what it takes to support new starters; I’ve also worked in marketing and supporting other financial advisers to run and grow their own businesses.

What makes me jump out of bed each morning?

Coffee and my much-loved Cavoodle, Henry, ready for his morning walk. I enjoy going out for brunch, watching movies, and watching any sport I can, in particular my beloved Carlton Football Club.

I am a qualified financial planner holding a tertiary qualification in a Masters of Financial Planning as well as being a Certified Financial Planner (CFP®) since 2001. I started in the financial advice industry in 1997, after transferring from a role as a lending manager with ANZ. During my 20 years in the financial advice industry, I’ve had a number of diverse roles including corporate super at NSP Buck, workplace financial planning with private clients at MLC, and professional and business banking with Macquarie. To follow this up, I set up and ran an Australian Financial Services License for an accounting firm.

Then in 2012 I co-authored and delivered a business succession insurance training program for financial planners and accountants for the Business Risk Institute of Australia. In 2013 I established my own practice, Encompass Wealth – Financial Life Planning. We specialise in holistic life planning, focusing on the broader context of a client’s life rather than just the numbers. This means integrating clients’ values, vision and wealth.

In March 2017 I was appointed Director at CLIME Private Wealth. This role sees me using my experience, technical knowledge and coaching abilities to provide advice to baby boomers transitioning into their version of retirement. This is indeed a challenging role, dealing with people at diverse and sometimes difficult times of their lives. I’ve been using my life coaching skills together with other frameworks gained from transition and retirement coaching studies.

Education has been a major driver of my financial planning journey. I’m currently studying a Diploma of Life Coaching (due for completion in December 2017), and a Bachelor of Social Science (majoring in behavioural science) at Swinburne University.

I have an Advanced Diploma in Financial Planning, together with other specialist accreditations in retirement planning, SMSF, home and aged care, ALPA ASX listed products, collaborative law (financial adviser) and as a retirement and transition coach. I am also a member of the Financial Planning Association, an associate member of the AFA, SMSF Association and a fellow at the Australian Institute of Management.

What makes me jump out of bed each morning?

My family! And the ability to make a difference in someone’s life – I love working with people!

Ben Dascal Trainer "Whether you think you can or you think you can’t, you’re right." – Henry Ford

I am a qualified financial planner holding a tertiary qualification in financial planning, as well as being a Certified Financial Planner (CFP®). I’ve worked as a financial planner for an Australian bank for over two years. Before that, I worked for over seven years as an associate adviser for another financial planning company.

What makes me jump out of bed each morning?

I enjoy catching up with friends, going for walks with my wife and following the North Melbourne Football Club.

Janine Cini Trainer "The only way to do great work is to love what you do." – Steve Jobs

I’m known as a bit of a superannuation guru here at the Monarch Institute office. I’ve got 30 years of experience in the financial services sector. I’ve worked in underwriting, corporate superannuation fund portfolios, business analysis, and self-managed superannuation funds.

I have undertaken a variety of roles, mostly within large corporations, but also with a number of small businesses. I’m passionate about sharing my knowledge and experience in Monarch Institute’s student contact hours here in Melbourne.

What makes me jump out of bed each morning?

It’s all about balance and fitting as much into the day as possible. If the sun is shining an early morning horse ride is a must. A good balance of work to stimulate the mind and Pilates to keep in shape. And never a dull moment with three children and a close family living nearby.

Josh Wilson Trainer "Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless." – Jamie Paolinetti

I am a qualified financial planner with tertiary and vocational qualifications in financial planning and law. I’ve had 17 years of experience in the financial planning and wealth management industry. I have worked as a financial planner for a large Australian bank and boutique wealth management firm for over 10 years, and prior to that, as a fund accountant for a London-based asset manager.

What makes me jump out of bed each morning?

I am usually woken up by my two girls first! I get excited to see my heirloom tomatoes growing strongly in spring. I love cooking at home on the weekend, hanging out in the park with my wife and two girls, and I’m a mad (suffering) Carlton supporter.

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RG146 Training Courses

Monarch Institute was founded by advisers who’ve been where you want to go. They wanted to show future advisers what it’s really like to work in the industry. That’s the learning experience you’ll get. From day 1, your course materials are packed with real-world examples, practical case studies, and challenges you can really sink your teeth in to. And of course, your study fits around your life. So whether you’re learning on your couch, on public transport, or on your lunch break in the office, you’ll get more out of RG146 training when you choose Monarch Institute.

Get the skills that employers really want.

Absolute flexibility.Your way, your terms.

Unrivalled support.Delivered with care.

I completed my Diploma of Financial Planning at Monarch Institute and subsequently completed my Advanced Diploma in Financial Planning with them. My experience in all my dealings with Monarch Institute has been impressive.

- John Emile

I really liked the way the course was outlined as it was very practical rather than only theory based. The course material and assessments were both concise and challenging respectively. It gave me the chance to think as a Financial Planner.

- Vicky Satgunasingam

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